REDD ALERT | THE AMOUNT OF SPACE FOR RENT HAS INCREASED IN POLAND
Recent weeks during the epidemic show that the office market in Poland is stable. However, REDD analysts note a slight increase in the space for rent. In the last week before Easter, 40,000 sqm were added to the market. On the other hand, the interest in information about office space in Poland has risen to record levels.
In Poland, the last week ended with an increase in available space to 2.29 million sqm. In comparison with the closing of the previous 7-day period, over 40,000 sqm of available office space were created on the supply side.
In the context of the total amount of office space, which exceeds 13.8 million sqm, this is a minor movement of 0.3%.
In relation to the previous week, the change in available space reached 0.37%, increasing the available space on 25 markets in Poland to 2.29 million sqm.
Warsaw million unchanged
In Warsaw, the pre-Easter week ended at a similar level as the previous period. The supply of available office space amounts to 1.01 million sqm. Recent weeks have shown market stability, which is reflected in the slight space fluctuations, ranging from 1.1 million to 1.4 million sqm.
As shown by the REDD data, over 950,000 sqm of office space is under construction in Warsaw currently, and approximately 1.7 million sqm in Poland. New investment projects are carried out on an ongoing basis.
Record-high number of office inquiries
Despite negative sentiments and quarantine period which affect the market performance, it was the last week when we have observed an increase in searches for office space in Poland. The result achieved is at the same time the highest search result in the REDD history.
“It can be assumed that the epidemic and the quarantine it entails will change the market situation. We will probably see a greater interest in renegotiating contracts. We are already observing that companies analyse their needs for offices with utmost diligence, which translates into a record number of requests for information and reports on specific cities, streets or districts”, says Piotr Smagała, Managing Director, REDD.
- Last week, 68 office modules were rented
- 126 new offices for rent were put on the market
- The owners have added up-to-date information about the availability of 1218 modules